AutoNavi (AMAP) to Acquire Under-Construction Premises in Beijing's Shunyi District for $42.9M

August 17, 2012 7:04 AM EDT
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AutoNavi Holdings Limited (Nasdaq: AMAP), recently entered into a set of agreements to acquire under-construction premises with an aggregate gross floor area of approximately 27,000 square meters in the Industrial Park of National Geographic Information Technology in Beijing's Shunyi District. The location will serve primarily as AutoNavi's new map data facility, while also supporting the Company's overall expansion. The aggregate consideration for acquiring the new premises is approximately RMB270 million (USD42.9 million), to be paid in installments until construction is completed and accepted. Approximately 40% of the purchase price is expected to be paid by the end of this year. Pursuant to the agreements, the premises will be delivered to AutoNavi by the end of April 2014.

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